Far West

As state and local governments grapple with the costs of their employees' retirements, elections in two big California cities may signal a sea change in the pension reform debate.

CHICAGO — Bond lawyers are beginning to require that underwriters sit down with members of the issuer’s finance team to discuss how they determined the issue price for the bonds, an IRS official said at a seminar held here on Wednesday.

Oregon Treasurer Ted Wheeler said the state has saved more than $60 million in the first half of the year by refunding bonds.

California’s consumer confidence index increased 2.7% to 92.3 in the second quarter of the year, the highest confidence level since 2007, according to the Chapman University’s Anderson Center for Economic Research.

It was the last spending plan for termed-out Mayor Jerry Sanders, and his administration was not reticent about proclaiming its virtues, issuing a press release declaring it to be “the city’s first structurally balanced in budget in decades.”

The California State Association of Counties has slammed part of a Democratic budget plan in which the state would use $250 million of “pass-through” payments out of property tax increment that had been allotted to counties from the now closed redevelopment agencies.

Fitch Ratings said in a report this week that the credit quality of California’s water agencies is expected to remain strong amid challenges.

Alaska Railroad’s bonds appear to be safe despite uncertainty surrounding federal grants that back them, according to reports.

SAN FRANCISCO - Moody's Investors Service downgraded all California tax-allocation bonds to junk status Thursday.

Executives from Fitch Ratings responded to issuer concerns, saying their agency does not require municipal bond issuers to sign indemnity agreements releasing Fitch from liabilities resulting from ratings.